Top 10 Cities for Lawyers (Buying Power Index!)

Top 10 Cities for Lawyers (Buying Power Index!)


Speaker 1: Where’s the best place to get a
job as a lawyer? Speaker 1: Hey guys, and welcome back. If you’re new here, my name is Angela Vorpahl,
of the Law Tribe Network. Be sure to hit that subscribe button, tap
that notification bell, so that you can get notified every time we release a new video
every single Tuesday. Speaker 1: Whether you’re thinking about law
school, or you’re in law school, or you’re recently graduated looking for a job, it’s
important to know where to focus that job search. And of course one important factor in that
job search is, how much money can you make? But far less talked about is, how far can
the money you make go, depending on where you live? So if you’re interested in this insider information,
then keep watching. Speaker 1: Now to fully understand and appreciate
this video, make sure you check out this previous video on how much Big Law, law firms pay their
entry level associates, and this video on how much lawyers across the board make, and
where the highest concentration of lawyers are in the US. Because we’re going to be building on both
of those videos in this one. Speaker 1: So many law school graduates have
the dream of financial freedom, of paying off student loans, of having the dream life
that you’ve worked so hard to get, and how far your paycheck goes can play a really big
role in getting you to where you want to be, and getting you the life that you want to
have. And luckily NALP, or the National Association
of Law Placement, came out with a buying power index back in 2011 that compared a law firm
associate’s salary with the buying power of that salary in 76 cities across the US. To give you an example of how this works,
take Palo Alto California’s median reported entry level law firm salary, which was $160000,
just like New York’s was back in 2011. But Palo Alto’s buying power index was much
higher than New York’s, because $160000 goes a lot farther in Palo Alto than it does in
New York. Speaker 1: To take another example, like Dallas,
Texas for example, their annual reported entry level law firm salary was $135000. So much less or $25000 less than New York’s
was, but the cost of living in Dallas is so much lower that the buying power index was
almost double New York’s, because you can get a whole lot more for $135000 in Dallas
then you can get for $160000 in New York. Speaker 1: And to give you guys the entire
list, the top 10 cities by buying power in 2011, were Dallas, Texas, Wilmington, Delaware,
Houston, Texas, Charlotte, North Carolina, Los Angeles, California, Boston, Massachusetts,
Costa Mesa, California, Washington DC, Nashville, Tennessee, and Grand Rapids, Michigan. And when this study came out in 2011 it was
a huge deal, because New York had always been seen as this most coveted, most prestigious,
highest paying legal market in the country. And for the first time it was obvious, and
it was known that you can make the same amount of money in other cities in the US, and that
that money could go so much further than it could if you had gotten a job in one of the
traditionally large markets, like New York City. Speaker 1: And as you can imagine, the New
York City associates did not feel awesome about this, but it really did open the eyes
of lawyers working in other cities to show not only them, but law students that are coming
up through the ranks, that you can make the same salary, and that it could go even further,
and have an even bigger impact on your life working in one of the more regional, smaller
markets. Speaker 1: And fast forward to 2016 when NALP
came out with the second buying power index study, and it showed an updated shift in the
markets, and I’m not just showing this to you guys because I’m a proud Texas girl, and
Texas cities are ranked numbers one, two, and three on the list, which they totally
are. But I really want to show you guys some of
these lesser known, more regional markets that you may not have considered as potential
job opportunities that really are a way that you can make the same amount of money, or
less money, but have it go just as far as if you worked in one of the traditionally
large markets, like New York or San Francisco, or DC. Speaker 2: Number one, Houston, Texas. Number two, Dallas, Texas. Number three, Austin, Texas. Number four, Wilmington, Delaware. Number five, Charlotte, North Carolina. Number six, Chicago, Illinois. Number seven, Atlanta, Georgia. Number eight, Nashville, Tennessee. Number nine, Roseland, New Jersey. And number ten, Philadelphia, Pennsylvania. Speaker 1: So if you’ve watched all the videos
in the job video series, then you now know which cities pay their attorneys the most,
which cities have the highest buying power index to make that pay go the furthest, and
which cities have the highest concentration of lawyers, i.e. legal jobs. And so I’m going to leave you guys with a
study that put together all three of these characteristics, to give you guys their take
on what the top 10 US cities are to start your legal career, and they might surprise
you. Speaker 2: Number ten, Richmond, Virginia. Number nine, Pittsburgh, Pennsylvania. Number eight, Atlanta, Georgia. Number seven, Philadelphia, Pennsylvania. Number six, Birmingham, Alabama. Number five, Miami, Florida. Number four, Chicago, Illinois. Number three, Tallahassee, Florida. Number two, Houston, Texas. Number one, Washington DC. Speaker 1: I hope you guys enjoyed the video. If you did, give me a big thumbs up to let
me know, comment below what city you’re from, or what city you’re thinking of practicing
in, and how it stacks up on the list. I’d be really interested to know. And of course, check out the description for
all kinds of resources. Including links to all of the articles that
I mentioned in the video, and also a link to the law tribe network to join, and become
a part of a community of lawyers working to build sustainable, and fulfilling legal careers. I hope you guys have a wonderful week, and
I’ll see you in the next one. Bye.